Côte d’Ivoire’s economic growth is solid and remarkably resilient in the face of global shocks, according to the World Bank’s latest economic update. However, to accelerate its economic transformation and sustainably reduce poverty, it will need to strengthen its domestic resource mobilization. The 15th edition of the report, entitled “Tax Revenue Mobilization: A Catalyst for Productivity and Economic Transformation”, highlights the country’s recent economic progress, while providing an in-depth analysis of the tax reforms underway and their potential impact on development.
With economic growth of 6% in 2024, above the global (2.8%) and regional (3.2%) averages, Côte d’Ivoire continues to show resilience, supported by private investment, dynamic services and inflation contained at 3.5%.
The country also improved its fiscal deficit from 5.2% in 2023 to 4% in 2024 and its public debt remains sustainable at around 60% of GDP. Although poverty has declined, reducing from 36.5% to the 20% target by 2030 calls for more inclusive growth. Côte d’Ivoire will have to rely on a more equitable growth model, focused on productivity, creating more jobs, and stronger tax revenue mobilization.
“Côte d’Ivoire has a unique opportunity to turn its recent successes into more inclusive, productive and resilient growth. To achieve this, the mobilization of tax resources is essential to finance public services, infrastructure and investments in human capital, which are key to achieving upper-middle-income status,” said Marie-Chantal Uwanyiligira, Division Director of the World Bank for Côte d’Ivoire, Benin, Guinea and Togo.
The report highlights recent progress in revenue mobilization, with the tax-to-GDP ratio rising from 11.9% in 2019 to around 14% in 2024 – one of the largest increases recorded in the region. However, this effort remains below the 20% target set by the West African Economic and Monetary Union (WAEMU), or the 21.7% target set for a country at this stage of development.
According to the report, raising the level of tax mobilization beyond 15% of GDP could increase the country’s annual economic growth by 1 to 2 points, thus ensuring another decade of strong growth, averaging 7 to 8% per year. This would finance critical investments in education, health, infrastructure, and social programs.
The medium-term economic outlook remains favorable, with growth expected to reach 6.2% in 2025 and 6.4% on average through 2027, driven by hydrocarbons, services, and private investment sectors. But significant risks remain, including geopolitical instability, climate change, trade tensions, and developments in development assistance.
The report calls for a transformation of the growth model based on productivity, human capital, private investment, and efficient taxation to build a more inclusive, competitive, and sustainable economy.
Distributed by APO Group on behalf of The World Bank Group.